Chapter 6. Solving Linear Equations
Pre-Test Question:
Math and Graphing Review
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You must read each slide, and complete any questions on the slide, in sequence.
Question
Xr2C5uhNq3Q3AbMmzbJLiEZH9ebpRiJwv6ZxHGbaXfm9FWT3BVYZJDK8HTo3ayQ82T4oD3sC4KwIo4L8k5MBCNpes+FB7K4XgOwx6OhxwZ+z4wwnIxS8TXKyor9oW/R2dqDqawguzp/Uiiq+qqjZbr2mpuJDTjC5uJS573drWnfzuwq7nhvbuSpteQ6FaHBlvF62lvDQkkEeXmoTEqhyesPI2f+mJ5jbPZ4carpcrFmSU4COy6b8NpciW6+rszeTulSG7uMdXuDaRtODX5VzBvhVI7ZrNvM4GaZ4lFhmnIL21yPBEfeRwSjowbLUh4K6zKCdncNYECQA7icn5gKZ80TsrwXm6jYSCIWUFimhwAb6TkAJ4VHtRQQ8RNVTuZ36idZWRZ0neGxJNIkGKc9NL9DzpXChIfBqS9YofLRhK5ewNDaceLfhEGLUj+s=Correct! In equilibrium there will be 500 oranges sold!
Sorry,in equilibrium there will be 500 oranges sold. To determine the market equilibrium price, set quantity demanded equal to quantity supplied, then solve for the equilibrium price, which is $2. At the equilibrium price of $2, the market quantity will be 500.
Video
Post-Test Questions:
Question 6.1
MWcfw+h0QlQePsFN1t8OEVTrjNq6xLL10maod0V4mHWzXIXBD2kFyRj5vUEgWAPDYWQYuORuvlj0ItQGYeYb2AZU1LsW5pTR41BGPhXi5Inw5AFaXtkQZ0SRR7Y6gTTDMuIGQJKUJ0Tmic8kXXOpFVHZtOhcb5M+5Nodm+zQV1kSi8JO+rX21f702AB1UM4l0JnxkoOPxikpSzcknCzEKX+P7z9wdynk6w3QTAkwwEWR0PdkQsEGhQq9LN+pCC4VzCGc9w==Correct! If the price for iPads is $300, then consumers will demand 2,500 iPads.
Sorry, if the price for iPads is $300, then consumers will demand 2,500 iPads. To determine the quantity demanded, substitute $300 for the variable P and solve for QD.
Question 6.2
vbxRa0T7BQsABRjRD5P5GJPiFTGErDB7mm2mQhAoggu9+HNOtTIYoGkpPxhehsKfHppoyTBdWi8SFiW5w77EUQDZ1TBXjXaIdmguFAob9qqARBbf5AHHrUX8IOQ6oDX99V5OfhIDZpSaSdx27Wm5Qtv2SESDY7CaLzaAUvjX+ujaNXMFIvUARfzPPl3zm6Es4z9Nwp5jyB0QyGB9RC5o/B0ABHYvs68riU0cQ0IYfryRQvtu1rqwfQ==Correct! If the price for tacos is $5, producers will be willing to produce 150 tacos.
Sorry, if the price for Tacos is $5 then producers will be will to produce 150 tacos. First, solve the supply function for P = –10 + QS/10. Next, set QS equal to 150 and solve for P to get P = $5.
Question 6.3
SC+5arjJGJK1Mv6/FoZmCHIBE802UyTrxWUhLDWMTS9QjB+7NywgA1EvDWUaSZamx0vlIpGQOo48qGgNbSqaPyPI+SZglq75kdQGPy8ZSKdY/0jnJgCCZDV2SYpRCKLRvO/ituH2if3vQrR9jy3VeAibLWWpdyRIhyU0WJ1enV/AagG8w/VyzP0BlLuV1RAuF+4oUo+nr1dSdw6KCUg+4kgoSdmc1t20AbPrBS8GA5m+58cR9XU/n/VvDaGq2OlaJyg4oVIXrryN+XJXBQdVgpaoT6+6oNSoMUjG5i91yhFSXNN4Tq3OOnN86GppT3T379mOSVaGGTV33zCPnZ1CSmxmPjrmr15KW6mVGhG7Tt3BpS7gEHkImz9UlY676SMDid0/rUx/nIU1W7eOQds3dcJDkiQ=Correct! The equilibrium price for hamburgers will be $4.
Sorry, the equilibrium price for hamburgers will be $4. To determine the market equilibrium price, set quantity demanded equal to quantity supplied and solve for the equilibrium price to get $4.
Question 6.4
8zhsDs24tkl5qbONVTHTGFc+TW76YdjpbH2klkreeakAGLi/HttP8wmaq6n4a+/Vk3Brs+ohCTow0FT9BzySxU6pDpU1k/IqjitVFF9UqRyaL+3lheVtCtr+se1VQwIwE9eTA5Eo8AsvR7sPigsQJCESnfUKPvYfH3E7uJfrTGodoGg30BRrt2oradJ49XBOoDnO8pqsQzUuJPg27mUiNFu1ZxggTHovV147ajJBw7ejh+Bb212VpR03Z+OBL87SVUx4w7pkgPAM1s+GAogkFR4pJ/aSk5XoLdfzGZKUaQmrYCWveQ2+AG2MxeeR1tjYPtJHyzoh3+mw1iZ/bbS/ppMeCqVhxthqhEKR9LeJEQnvOiPAof6GGlHJPRL4qnKQgNN72CVQ9QXPYx4g1X5gMKHSiWKfAe93Sx8vWCiFTbgzoDoumL/vH5QuGnadW9qzB3EX0+KHlpU=Correct! The equilibrium price for bubble gum will be $1.25.
Sorry, the equilibrium price for bubble gum will be $1.25. To determine the market equilibrium price, first rewrite each equation to solve for QD and QS and then solve for the equilibrium price.
Question 6.5
mxDvXgZGw2Rwh2FWFVaI5HEmY8KYKpP+IxqZz3uHc159Giqs110z0bn3vVicyyw3YZMeLAL4UNVql/GI9Bp+7EFyGy9u2kxUFIYeJ9oFsko9/fBTngYMY/iMn/zlkjuWEV3i2TIoTID25iNoUwyhsezyBnlKnL0SifVO87Ms6vIkzsq/mgh2AXQ0uZIlxMpYuE1Gq5nLogyGrX5noUOUmTL5NDLnoAWoloXkUcqrlDXyErK1SgvJRAQgjUEdTA65lOgoiKk6KcOqR0Mgiw7glNHTHX5LEwQAIjPXiH2LJvjPTqdP2zlMO9YsxU3BcnE1yCTyxwiq1Fm4d9ect2S0Su4htAsMNHtYMmZRgLExgAg=Correct! 10 fewer cups of coffee are sold this week.
70 cups of coffee were sold last week, and 60 cups are sold this week so 10 fewer cups of coffee are sold this week.